Tech Mahindra loses 14%. Sensex and Nifty close flat.

Shares of Tech Mahindra have plunged nearly 14% in today’s trade, after the company came out with its disappointing numbers for the fourth quarter. The company has reported a tepid set of numbers which has resulted a worst quarter for it in many years.

Tech Mahindra has reported a profit after tax of Rs 472 crores, which is 39% less from the previous quarter. The EBITDA margin of the company has seen a decline of 500 basis points to 15%.

Stocks of Tech Mahindra nosedive 14%

The stocks of Tech Mahindra have plunged down in today’s trade. The stock was beaten down heavily after the results were announced. The stock closed at 546.1, down by 14.75% from yesterday’s close. The stock witnessed heavy hammering right from the beginning of the trading session

Sensex and Nifty close flat

The broader markets however closed flat. The BSE Sensex closed at 27,564.66, up by 33.25 points or +0.12% . The NSE Nifty closed at 8,334.60, down by 4.75 points or -0.06%.

BHEL and Idea Cellular were among the top gainers on the index today. BHEL moved up by 3.9% while Idea was up by 3%. ONGC, Bharti, NMDC were also up by more than 2% each.

Apart from Tech Mahindra, Tata Motors – which also came up with its results, was down by 5%. M&M, Sun Pharma and GAIL were all down by more than 2%.